Privately-owned synthetic cannabis company Nalu Bio, a producer of chemistry-based, ultra-pure cannabinoids raised a $12 million Series A funding round. Nalu Bio said it will use the money to accelerate the growth and scale production of cannabinoids for consumer products and therapeutics. The company said the funding follows on the heels of Nalu Bio’s breakthrough in the cost-effective synthesis of the minor cannabinoid THCV (non-psychoactive, not to be confused with THC).
“At Nalu Bio, we have created a platform that produces ultra-pure, cost-effective, non-hemp derived cannabinoids so that consumers and companies will have safer, more reliable products that improve everyday life,” said Caitlyn Krebs, Nalu Bio Co-Founder and CEO. “Intrinsic’s belief in our chemistry-based approach and their leadership investing in cannabinoids and life sciences make them the ideal partner for us. This investment allows us to aggressively expand the business world-wide, own the category and bring high quality cannabinoids to manufacturers who want cost-effective THC-free ingredients for their products.”
Nalu Bio said its flexible platform generates molecularly identical versions of naturally occurring cannabinoids for use in consumer products and therapeutics that are sustainable and completely free from contaminants found in hemp-extracted cannabinoids. Nalu Bio said its approach creates identical batches of any known cannabinoid, setting the standards for consistency and quality because it removes the risk of contamination from pesticides, heavy metals, and THC inherent in hemp extraction.
“We believe that chemistry-based production of cannabinoids will play a significant role in the evolution of the cannabinoid market, and we have spent years looking for the ideal investment opportunity. The team and the technology are top-notch and Nalu Bio is poised for large-scale commercial expansion and aggressive growth. We’re excited to partner with Nalu Bio,” said Howard Goodwin M.D., Managing Partner of Intrinsic Capital.
The round was led by Intrinsic Capital Partners, with participation from Flybridge Capital Partners, Portfolia Active Aging & Longevity Fund, Bonaventure Equity, L37 Ventures, Golden Seeds, Sacramento Angels, Brown Angel Group, and Axial Venture.